When an individual is struggling to make payments on their outstanding debt, they may feel the pressure mounting from creditors and lenders to make payments. Creditors may be contacting the debtor quite frequently at home and at work, which can cause the debtor to feel additional stress, especially when they know that they cannot realistically make these payments. When it feels as though there is no way to get out of the debt, the individual struggling to make payments may want to consider filing for bankruptcy.
There are many benefits to filing for bankruptcy, as it can allow an individual to clear his or her financial slate and start fresh. Immediately after an individual files for bankruptcy in New Jersey, they will be able to reap the benefits of the automatic stay. An automatic stay ensures that a debtor who files for bankruptcy is able to take some much needed time to collect themselves and their finances to determine the next steps. An automatic stay will require the creditors to stop all contact with the debtor, including phone calls, letters, repossessions, and foreclosures.
If you are struggling financially, it may be time to consider bankruptcy. Contact our firm today.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.